Fitch Assigns Final Ratings to Deutsche Bank Securities DBUBS Commercial Mortgage Trust 2011 LC3

NEW YORK--(BUSINESS WIRE)--Fitch Ratings has assigned the following ratings to Deutsche Bank Securities DBUBS 2011-LC3 commercial mortgage pass-through certificates:

--$97,779,000 class A-1 'AAAsf'; Outlook Stable;

--$671,771,000 class A-2 'AAAsf'; Outlook Stable;

--$97,268,000 class A-3 'AAAsf'; Outlook Stable;

--$112,102,000 class A-4 'AAAsf'; Outlook Stable;

--$1,106,529,000* class X-A 'AAAsf'; Outlook Stable;

--$127,609,000 class A-M 'AAAsf'; Outlook Stable;

--$75,167,000 class B 'AAsf'; Outlook Stable;

--$54,190,000 class C 'Asf'; Outlook Stable;

--$73,419,000 class D 'BBB-sf'; Outlook Stable;

--$19,229,000 class E 'BBsf'; Outlook Stable;

--$19,229,000 class F 'Bsf'; Outlook Stable;

--$140,100,000 class PM-1 'AAAsf'; Outlook Stable;

--$194,940,366* class PM-X 'AAAsf'; Outlook Stable;

--$32,900,000 class PM-2 'AAsf'; Outlook Stable;

--$28,900,000 class PM-3 'Asf'; Outlook Stable;

--$26,500,000 class PM-4 'BBBsf'; Outlook Stable;

--$20,877,553 class PM-5 'BBB-sf'; Outlook Stable.

*Notional amount and interest only.

Fitch does not rate the $291,928,485 interest-only class X-B, or the $50,694,485 class G.

Since publication of the presale, the principal balance of the portfolio is unchanged; however, Class A2-FX and A2-FL have been combined into one class, A2 with an amount of $671,771,000. Additionally, the interest-only class PM-X notional balance has changed to $194,940,386 and is rated 'AAAsf' by Fitch. The notional balance of class PM-X is now the aggregate of the pooled senior trust component of the Providence Place Mall Mortgage Loan and the Class PM-1 certificates. Class PM-6 was also removed from the capital structure.

This transaction straddled the publication of the updated criteria, 'Criteria for Analyzing Multiborrower U.S. Commercial Mortgage Transactions' dated Aug. 12, 2011, therefore the previous criteria 'Rating Criteria for Fitch's U.S. CMBS Multiborrower Rating Model' dated Jan. 4, 2008 is also relevant.

A detailed description of Fitch's rating analysis including key rating drivers, stresses, rating sensitivity, analysis, model, criteria application and data adequacy is available in Fitch's May 17 presale report.

Additional information is available at 'www.fitchratings.com'.

Applicable Criteria and Related Research:

--'Global Structured Finance Rating Criteria' (Aug. 9, 2011);

--'Criteria for Analyzing Multiborrower U.S. Commercial Mortgage Transactions' (Aug. 11, 2011);

--'Surveillance Methodology for U.S. Fixed-Rate CMBS Transactions' (Nov. 17, 2010);

--'U.S. Commercial Mortgage Servicer Rating Criteria' (Feb. 18, 2011).

Applicable Criteria and Related Research:

Global Structured Finance Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=646569

Criteria for Analyzing Multiborrower U.S. Commercial Mortgage Transactions

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=647671

Surveillance Methodology for U.S. Fixed-Rate CMBS Transactions

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=574208

U.S. Commercial Mortgage Servicer Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=584005

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